ARC also highlights further contraction in 2019/20 major exporter stocks/use. Russian production was lowered 1 MMT to 73.5 MMTs. Aussie production was lowered 500,000 to better match ABARES. This was only partially offset by a 500,000 hike in Europe. World trade in 19/20 was lifted 1.3 MMTs following a strong pace of shipments to date…
** World Wheat Markets Rally Ahead of WASDE Exporter Stocks Update: US wheat futures settled 5-11 cents higher, led by KC. March CBOT has recaptured nearly all of its early January losses, and key tomorrow will be the extent of US winter wheat acreage losses and the USDA’s revision to world trade. Interior basis levels…
** World Wheat Markets End Firm Following Egypt Purchase: CBOT wheat futures rallied 2-3 cents, with similar gains noted in Europe. Egypt’s GASC returned to the world market following a four-week absence, and as expected, the average price paid by Egypt was up sharply. GASC this AM secured 300,000 MTs of Black Sea and Romanian…
** Wheat Futures Find Chart-Based Support; Egypt Seeks Supply for February: CBOT wheat futures ended marginally higher, with March unable to fall below its 50-day moving average. US and global grain markets now await the USDA’s January WASDE. Very few changes are expected in wheat balance sheets, but markets Friday will be rather sensitive to…
** Wheat Futures End Mixed; KC Fund Short Erased: CBOT futures settled 3-5 cents lower; KC wheat ended 2 cents higher. The coming index fund rebalance sheet will feature modest buying of KC contracts, but otherwise ARC’s research suggest rallies will struggle moving forward. A neutral outlook is advised. Managed funds on Dec 31st were…
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